$VSLUH(XJHQH  3DJHRI <br />$GMXVWPHQW5HYLHZ$SSOLFDWLRQ:ULWWHQ6WDWHPHQW <br />$XJXVW <br />  <br />6FKLUPHU&RQVXOWLQJ//&•32%R[(XJHQH25•   <br />/DQGVFDSH$UFKLWHFWXUH/DQG8VH3ODQQLQJ <br />WKHLUUHJXODUIURQWORWOLQH ULJKWRIZD\OLQH DQGRIWKHEXLOGLQJLVZLWKLQWKHPD[LPXPIURQW\DUG <br />VHWEDFN <br /> <br />7KHEXLOGLQJKDVDIDFDGHLQWKHIURQW\DUGVHWEDFNRQERWKVWUHHWV+LO\DUG6WUHHW(DVW%URDGZD\ <br />DQG(DVWWK$YHQXH(&  F UHTXLUHVDQHQWUDQFHRQHDFKRIWKHVHIDFDGHV7KHUHLVD <br />PDLQHQWUDQFHWRWKHEXLOGLQJSURYLGHGRQWKH(DVW%URDGZD\VLGHRIWKHEXLOGLQJDQGQRHQWUDQFHRQ <br />WKHIDFDGHIDFLQJ+LO\DUG6WUHHWRU(DVWWK$YHQXH <br /> <br />7KHIDFDGHVIDFLQJ+LO\DUG6WUHHWDQG(DVWWK$YHQXHFRQVLVWHQWLUHO\RIVWUXFWXUHGSDUNLQJ1R <br />HQWUDQFHLVSURYLGHGIRUVHFXULW\UHDVRQVRQWKHVHIDFDGHV(&  F GHILQHVDPDLQ <br />HQWUDQFHDV͞DSULQFLSDOHQWUDQFHWKURXJKZKLFKSHRSOHHQWHUWKHEXLOGLQJ͛7KLVGHVFULEHVWKH <br />HQWUDQFHRQ(DVW%URDGZD\DQGZRXOGQRWGHVFULEHDQHQWUDQFHRQ+LO\DUG6WUHHWRU(DVWWK <br />$YHQXHLIRQHZHUHSURYLGHG$SULQFLSDOHQWUDQFHWKURXJKZKLFKSHRSOHHQWHUWKHEXLOGLQJZRXOGQRW <br />EHDQHQWUDQFHWRWKHSDUNLQJJDUDJH <br /> <br />7KLVLVDUHVLGHQWLDOEXLOGLQJDQGWKHSULQFLSDOHQWUDQFHLVSURYLGHGZKHUHDOOSHRSOHUHVLGHQWV <br />JXHVWVGHOLYHU\HWFHQWHUWKHEXLOGLQJLQWRWKHPDLQOREE\ZKHUHWKHUHLVDFFHVVWRPDLOURRPV <br />HOHYDWRUVUHFHSWLRQHWF <br /> <br />$GMXVWPHQW5HYLHZ$SSURYDO&ULWHULDDQG5HVSRQVHV <br />   6HWEDFN6WDQGDUGV <br />   6HWEDFN6WDQGDUGV$GMXVWPHQW:KHUHWKLVODQGXVHFRGHSURYLGHVWKDWWKHVHWEDFN <br />VWDQGDUGVDSSOLFDEOHWRVSHFLILF]RQHVPD\EHDGMXVWHGWKHVWDQGDUGVPD\EHDGMXVWHG <br />XSRQILQGLQJWKDWWKHSURSRVHGVHWEDFNLVFRQVLVWHQWZLWKWKHIROORZLQJDSSOLFDEOHFULWHULD <br /> D  0LQLPXPDQG0D[LPXP)URQW<DUG6HWEDFN$GMXVWPHQW7KHPLQLPXPRUPD[LPXP <br />UHTXLUHGIURQW\DUGVHWEDFNPD\EHDGMXVWHGLIWKHSURSRVDODFKLHYHVDOORIWKHIROORZLQJ <br /> <br /> &RQWULEXWHVWRWKHFRQWLQXLW\RIEXLOGLQJIDFDGHVDORQJWKHVWUHHW <br />7KHSURSRVHGGHYHORSPHQWLVORFDWHGRQWKHQRUWKVLGHRI(DVW%URDGZD\DQGWKH <br />HDVWVLGHRI+LO\DUG6WUHHWDQG(DVWWK$YHQXH7KHUHDUHQREXLOGLQJVLQWKH <br />LPPHGLDWHYLFLQLW\RIWKLVEXLOGLQJ'LUHFWO\HDVWLVDODUJHOLQHDUVXUIDFHSDUNLQJORW <br />WKDWIURQWV(DVW%URDGZD\IRUDOHQJWKRIIHHW7KHQHDUHVWEXLOGLQJWRWKHHDVW <br />DODUJHPXOWLXQLWUHVLGHQWLDOEXLOGLQJLVDSSUR[LPDWHO\IHHWDZD\DW)UDQNOLQ <br />%OYG7RWKHZHVWRIWKHSURMHFWVLWHWKHUHDUHQREXLOGLQJVIURQWLQJWKHQRUWKVLGHRI <br />WKHVWUHHWIROORZLQJ+LO\DUGWK$YHXQWLO\RXUHDFKDGLVWDQFHRIIHHWDZD\ <br />6HHDLUSKRWRRQ$&RYHU6KHHWLQSODQSDFNDJH <br /> <br />7KHEXLOGLQJLVZLWKLQWKHPD[LPXPVHWEDFNUHTXLUHPHQWIRUWKHPDMRULW\RI+LO\DUG <br />6WUHHWDQG(DVWWK$YHQXH  2Q(DVW%URDGZD\WKHEXLOGLQJPHHWVPD[LPXP <br />VHWEDFNIRURIWKHIURQWDJH7KHORFDWLRQDQGXQXVXDOVKDSHRIWKHSURSHUW\RQ <br />DFRUQHUORWSURYLGHVRSSRUWXQLW\WRFUHDWHDJHQHURXVSHGHVWULDQSOD]DDGMDFHQWWR <br />WKHULJKWRIZD\DQGDVDZHOFRPLQJHQWU\WRWKHEXLOGLQJ7KLVGHYHORSPHQW <br />SURYLGHVDEXLOGLQJWKDWLVWKHILUVWLQWKLVDUHDWRFUHDWHDEXLOGLQJIDFDGHDORQJ <br />PXOWLSOHVWUHHWV7KHUHLVQRFRQWLQXLW\RQWKLVVLGHRIWKHVWUHHWWRZKLFKWKLVEXLOGLQJ <br />FDQFRQWULEXWHEXWE\LWVORFDWLRQLWVWDUWVZKDWPD\HYHQWXDOO\EHFRQWLQXLW\EHWZHHQ <br />WKHSURMHFWWRWKHHDVWLIWKHSDUNLQJORWHYHUUHGHYHORSV7KHUHLVQRDYDLODEOH <br />SURSHUW\WRGHYHORSRQWKHQRUWKVLGHRI+LO\DUG6WUHHWWRWKHZHVWLQZKLFKWRFUHDWH <br />DGGLWLRQDOIDFDGHV <br /> <br />'LUHFWO\DFURVV+LO\DUG6WUHHWWRWKHZHVWLVDVPDOO*RRGZLOO%RXWLTXH%XLOGLQJDQGD <br />SDUNLQJORWWKDWIURQWVWKDWVWUHHW)XUWKHUZHVWDORQJWKHVRXWKVLGHRI+LO\DUG <br />6WUHHW(DVWWK$YHQXHWKHUHLVDUHVLGHQWLDOSDUNLQJORWDQGWKHQDODUJHFRPPHUFLDO <br />SDUNLQJORWVHUYLQJ1RUWKZHVW&RPPXQLW\&UHGLW8QLRQ%H\RQGWKDWLVDSDUNLQJORW <br />IRUWKH)HGHUDO&RXUW+RXVHEXLOGLQJ%RWKWKHFUHGLWXQLRQDQGWKH)HGHUDO&RXUW <br />+RXVHIURQWWK$YHQXH <br />